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Jim Cramer often says there's always a bull market somewhere. And right now, he's found one in a rather unexpected area of the market - growth stocks.
The "Mad Money" host says that even though the Street still disdains the group broadly, he's spotted buying in the stocks of companies that benefit from the vast growth of energy supplies currently being harvested in the Eagle Ford, the Permian and the Bakken.
Looking at the cohort, "I look for double digit growth because I know the growth hounds often can't resist the stock of a company that's generating double digit growth."
Here's what Cramer has found.
From holdings in the Permian Basin, Eagle Ford shale and more, "Pioneer reported 15 percent production growth and guided for even higher production growth for the rest of the year. Also, the company reiterated that it sees longer term oil production growth of 16 to 21 percent, which is much better than a lot of the tech and drug companies."
Year to date shares of Pioneer Natural Resources have increased about 12 percent.
With assets primarily located in the Bone Spring sands and Wolfcamp shale in the Permian Basin and in the Cana-Woodford shale in western Oklahoma, "Cimarex said oil production should come in around 19 to 22 percent, that's up from 10 to 16 percent. In turn, that should generate accelerating revenue growth which is precisely what the momentum funds are looking for," Cramer said.
Year to date shares of Cimarex have increased about 20 percent.
With substantial holdings in the South Texas Eagle Ford and the North Dakota Bakken as well as elsewhere, "EOG reported an astounding 42% year over year growth in thousands of barrels per day; that's just extraordinary. And they have very low costs because of their excellent infrastructure."
Year to date shares of EOG Resources have increased about 22 percent.
Read more from Mad Money with Jim Cramer
Cramer dreads Alibaba IPO like plague
What to do with Whole Foods?
Who's driving the crazy market moves?
What's the bottom line?
Cramer says there are bull markets inside the broad market, you just have to know where to look. Right now, Cramer sees a bull market in the oil patch. "These companies are dazzling the Street with incredible numbers," he said. And they're dazzling portfolios with their significant returns.
Call Cramer: 1-800-743-CNBC
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